HSBC Variable Rate Mortgage

Snapelover

I contacted the HSBC earlier today as we are wanting a remortgage and I wanted to know if they could offer existing customers a good deal.

We have had our variable rate mortgage with them since November 2005 (it was a remortgage as we had previously had an endowment mortgage). After receiving some advice regarding different rates/offers she told me that she would send us out some forms to sign to change our current mortgage from a variable rate to their new tracker which replaced the variable rate at the turn of the year. So from May 20th our interest rate will be 5.99% instead of the now 6.25%.

I asked why we hadn't been told about this when it first came out as we could have saved some more money (as we often make overpayments too) and I was told that their services are advertised on their website and in the local branches and that it was up to us to spot these and contact the HSBC.

Now I think that is VERY unfair. :mad::mad::mad: If they were requiring money off us for some reason they would be the first to inform us straight away but any ways of saving money and it's up to us to find out.

Is it worth complaining anout this or am I wasting my time, energy and money?

_Andy_

I can understand why you feel frustrated and annoyed however there isn't a valid complaint so yes I would say you'd be wasting your time, etc.

The reason being HSBC, like any bank, etc., are there to make profit, not to reduce your outgoings.

I don't mean to sound harsh about it, just being realistic.

TEDDYRUKSPIN

YOU will definitely been contacted that you have been on the standard variable rate. The question is why did'nt you pop in to the bank or even shop around for a better rate?

MarkyMarkD

There's no obligation on any lender to tell you about possible alternative deals.

You signed up to the variable rate, with its terms which applied throughout its duration. It's up to you to decide if you want to change those terms, not up to the lender to tell you every time you could change.